Chennai: Sweden-based Bulten Group, through its Indian subsidiary PSM Fasteners India, will establish a new fasteners manufacturing facility at Oragadam. The company has signed a memorandum of understanding (MoU) with the govt of Tamil Nadu, and will invest Rs 525 crore in the project, which is expected to generate employment for around 2,000 people, according to a social media post by Tamil Nadu industries minister T R B Rajaa.The proposed facility will manufacture a full range of micro-fasteners catering to both domestic demand and export markets, with Europe and the United States as the primary export destinations.
